Digital Payment Market Worth $274.61 Billion by 2029

1. Digital Payment Market Worth $274.61 Billion by 2029 According to a new market research report titled, ‘Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography - Global Forecasts to 2029,’ the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029. Download Free Research PDF @ https://www.meticulousresearch.com/download-sample- report/cp_id=5410?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content= 12-04-2024 Digital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer, and the payee, use electronic mediums to exchange money. Digital payment transactions have grown rapidly in emerging markets during the past two years as the pandemic accelerated shifts to contactless payments and e- commerce. The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent. Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The growth of the segment is attributed to the declining cash usage, the growing e-commerce industry, development in mobile payment technology, and increased use of mobile wallets. Browse in depth @ https://www.meticulousresearch.com/product/digital-payment-market- 5410?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=12-04-2024 Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market. Based on end user, the digital payment market is segmented into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media and entertainment, and others. In 2022, the BFSI segment is expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions.

2. However, the retail segment is expected to grow with the highest CAGR during the forecasted period. Retail e-commerce sales are rapidly increasing due to government support, increased smartphone penetration, and application usage, and the promise of a better shopping experience is likely to boost. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, boosts the digital payment market in the retail sector. Speck to our analyst @ https://www.meticulousresearch.com/speak-to- analyst/cp_id=5410?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content =12-04-2024 Based on organization size, the digital payment market is segmented into large enterprises, small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is also expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium digital payment solutions. Based on geography, the digital payment market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the digital payment market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided regional organizations with a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the digital payment market are PayPal Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.). Request Free Research Report Sample @ https://www.meticulousresearch.com/request-sample- report/cp_id=5410?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content= 12-04-2024 Digital Payment, Digital Payments, Payment, Internet Banking, Banking Cards